India recorded 2nd highest growth in HNI population last year

India recorded 2nd highest growth in HNI population last year

The world is home to 1.2 crore (12 million) millionaires with collective net worth reaching a record high of $46.2 trillions, with India clocking the second highest growth of 22.2 per cent in its HNI population last year after Hong Kong, a report said on Wednesday.

According to the World Wealth Report 2013, released by Capgemini and RBC Wealth Management, the investable wealth of the world's High Net Worth Individuals rebounded in 2012, growing by 10 per cent to reach a record high of $46.2 trillion, after declining 1.7 per cent in 2011.

As many as one million individuals joined the global HNWI population, which reached 12 million, reflecting an increase of 9.2 per cent.

According to the report, global HNWI wealth is forecast to grow by 6.5 per cent annually over the next three years with the Asia-Pacific region projected to grow at one and a half times the global average at 9.8 per cent and is expected to lead global growth.

Click NEXT to read further. . .

Image: Gold necklaces are pictured in a window at the Vicenza Oro Choice exposition in Vicenza.Photographs: Alessandro Garofalo/Reuters

India recorded 2nd highest growth in HNI population last year

"Despite a marked focus on capital preservation and high cash allocations, high net worth individuals achieved a record level of wealth in 2012, suggesting further growth lies ahead if trust and confidence in the markets increase further," said M George Lewis, Group Head, RBC Wealth Management & RBC Insurance.

Meanwhile, according to the report, art market continued its recovery with strong growth in emerging markets especially China, Brazil and UAE.

But the same cannot be said about India as it is still at an earlier, more nascent stage in terms of art buying, with HNWIs not yet allocating much of their portfolio into art compared to other emerging markets, the report said.